How to use IMPS?

Home Banking How to use IMPS?

‘IMPS’ is an acronym for Immediate Payment Service. It is a 24 x 7 electronic fund transfer service which carries out the transaction between two bank accounts immediately and in real-time. IMPS can be accessed through both, online banking and mobile banking platforms.

How to use IMPS?

As aforementioned, IMPS works on two platforms: mobile banking and online/net banking. Let’s discuss both of these options below:

  • To transfer money using IMPS on the mobile banking platform, please follow the below steps-
    1. Log into your bank’s mobile banking application.
    2. If you are sending money then in the Send Money/Fund Transfer tab, go to the IMPS option.
      • There enter Beneficiary mobile no., Amount and the beneficiary’s Mobile Money Identifier (MMID).
      • The application will then ask for your Mobile PIN (MPIN) to authenticate the transfer.
      • Once you verify your Mobile PIN (MPIN), your money will be sent to the intended beneficiary.
      • The bank shall also then send you a confirmation text message mentioning the transaction no. You can use that transaction no. while giving feedback/for queries and complaints.
    3. To receive money using IMPS and mobile banking, provide your name (as per bank records), mobile no. and MMID to the payer and he/she shall send you the funds.
  • To transfer money using IMPS on the Net-banking/online banking platform, please follow the below steps-
    1. Log into your bank’s net-banking/online banking portal.
    2. If you are sending money then –
      • Add an IMPS beneficiary by submitting the beneficiary’s account no., account type, Indian Financial System Code (IFSC) Code, beneficiary’s name and branch name and address.
      • After your bank confirms that the proposed beneficiary has been included, go to Fund Transfer.
      • Select the beneficiary to whom you want to transfer funds. After you do that the beneficiary’s account details will appear.
      • Enter Amount and Remarks.
      • Confirm the transfer and your payment will be settled.
      • You will receive a transaction reference no. which you may keep for any query/feedback.

If you are receiving money through IMPS and net-banking, then provide the payer with your account no., account type, Indian Financial System Code (IFSC) Code, name and branch name and address etc. The payer shall then add you as a beneficiary and transfer you the intended funds through IMPS

What are the transaction fees, limit and other features of IMPS transfer?
Which banks offer IMPS services?
What are the transaction fees, limit and other features of IMPS transfer?

Please read below to know the transaction fees, limit and other comprehensive features of IMPS:

  • Transaction Fees: IMPS charges usually start from a minimum of Rupees 5 per transaction and can go up to Rupees 15 per transaction. Please note that these charges vary from bank to bank. 
  • Transaction Limit: The maximum transfer limit of funds through IMPS can go up to Rupees 2 lakh in a day while the minimum limit usually is Re. 1. Again the limit may vary from bank to bank. 
  • Other features:
  1. The Immediate Payment Service (IMPS) is built on the National Financial Switch network and is managed by the National Payments Corporation of India (NPCI). It is a 24 x 7 service.
  2. If you are sending money through IMPS then please note that IMPS transfers your money instantly into the beneficiary’s account. The beneficiary’s bank has around half an hour to credit the transferred money to him/her.
Which banks offer IMPS services?

The banks which are offering IMPS services as of date are :

Andhra Bank, Allahabad Bank, Adarsh Co-Operative Bank Ltd., Axis Bank, Bandhan Bank Ltd., Bank of India, Bank of Baroda, Bassein Catholic Co-op Bank, Bank of Maharashtra, Canara Bank, BNP Paribas, Central Bank of India, Catholic Syrian Bank, City Union Bank, Citibank, Cosmos Co-operative Bank, Corporation Bank, Development Bank of Singapore, Dena Bank, Dhanalakshmi Bank, Development Credit Bank, Federal Bank, Dombivli Nagarik Sahakari Bank, HSBC, HDFC Bank, IDBI Bank, ICICI Bank, Indian Overseas Bank, Indian Bank, ING Vysya Bank, IndusInd Bank, Janata Sahakari Bank, Pune, Jammu & Kashmir Bank, Karur Vysya Bank, Karnataka Bank, Kerala Gramin Bank, Lakshmi Vilas Bank, Kotak Mahindra Bank, Nainital Bank, Mehsana Urban Co-operative Bank, NKGSB Co-operative Bank, Pragathi Krishna Gramin Bank, Oriental Bank of Commerce, Punjab and Sind Bank, Punjab and Maharashtra Co-op Bank, Rajkot Nagrik Sahkari Bank Ltd, Punjab National Bank, Saraswat Bank, RBL Bank, Standard Chartered Bank, South Indian Bank, State Bank of Hyderabad, State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of India, State Bank of Travancore, State Bank of Patiala, Syndicate Bank, Thane Janata Sahakari Bank, Tamilnad Mercantile Bank, The A.P Mahesh Urban Co-op Bank, UCO Bank, The Greater Bombay Co-op Bank, Union Bank of India, Vijaya Bank, United Bank of India and Yes Bank.

This list is subject to change.

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